Shares of shoe company Birkenstock (NYSE: BIRK) got knocked down on Thursday after the company reported financial results for its fiscal third quarter of 2024. Most headlines say that the company missed estimates from analysts, but I think this is a weak explanation for what's happening today, as I'll explain.

Regardless of the reason why, Birkenstock stock was still down a hefty 16% as of 1 p.m. ET.

Birkenstock's Q3 ended on June 30, and management reported the numbers for that period this morning. And the numbers were right on target.

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Source Fool.com